Live Oak Bank Review 2026: Exceptional High-Yield Savings and Business Banking

Certificate of Deposit (CD) Options

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Live Oak Bank offers competitive CDs with terms ranging from 3 months to 5 years:

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12-Month CD (3.80% APY)⁶

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• $2,500 minimum opening deposit

• No monthly maintenance fees

• Monthly interest disbursements

• Early withdrawal penalties apply

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Other CD Terms:

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• 3-Month CD: 3.00% APY⁶

• 6-Month CD: 3.60% APY⁶

• 9-Month CD: 3.70% APY⁶

• 18-Month to 5-Year CDs: 3.60% APY⁶ to 2.00% APY⁶

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All CDs can be opened online with deposits between $2,500 and $250,000. Interest is paid monthly rather than at maturity, providing regular income if desired. Early withdrawal penalties are 90 days of simple interest for terms less than 24 months and 180 days of simple interest for longer terms.

Business Banking Solutions

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Live Oak Bank truly excels in its business banking offerings, positioning itself as "America's small business bank":

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Business Savings Account (2.85% APY⁴)

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• Industry-leading 2.85% APY⁴

• No minimum balance requirements to open

• No monthly maintenance fees

• QuickBooks integration

• FDIC insurance up to $250,000 (standard)²

• Available Insured Cash Sweep³ program with up to $10 million in FDIC coverage

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InfraFi Business Savings Account (2.85% APY)

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• 2.85% APY

• Access to extended FDIC coverage through InfraFi network³

• No minimum balance requirements to open

• No monthly maintenance fees

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Business Checking Options

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Live Oak offers three tiers of business checking accounts:

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Business Essential Checking

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• $10 monthly fee (waived with $1,000 average daily balance)

• Easily connect with QuickBooks
• Unlimited transactions and free withdrawals at 55,000+ Allpoint® ATMs 
• Customizable permissions and robust online banking capabilities

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Business Plus Checking

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• $25 monthly fee (waived with $25,000 average daily balance)

• ACH collections and payments
• Online wire transfers
• Enhanced employee permissions and account controls
• All features of Business Essential

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Business Plus Analysis Checking

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• $100 monthly fee (can be offset by earnings credit)

• Account analysis and aggregation features
• Ideal for businesses managing significant cash flows
• Broader capabilities suited for complex or multi-entity operations
• All features of Business Plus

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Business CDs

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• 12-Month Business CD: 3.80% APY⁶

• $2,500 minimum deposit

• Terms ranging from 3 months to 2 years

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Small Business Lending

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Live Oak Bank is consistently one of the top SBA lenders in the nation:

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• SBA 7(a) loans

• Commercial loans

• Industry-specific lending expertise

• Teams of experts across dozens of business sectors

Digital Banking Experience

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As an online-only bank, Live Oak Bank's digital experience is central to its operations:

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• User-friendly website with clear information

• Mobile app for account management (though reviews are mixed)

• Online account opening process

• Customer support available weekdays 8 am to 8 pm ET

Pros of Live Oak Bank

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• Exceptional Interest Rates: Among the highest available for both personal and business accounts

• No Hidden Fees on Savings: No monthly maintenance fees on personal or business savings or CD accounts

• No Minimum Balance to Open an Account: Earn top rates by depositing just $0.01

• Business Banking Expertise: Specialized knowledge across multiple industries

• SBA Lending Leader: Premier SBA 7(a) lender

• Extended FDIC Coverage³: Up to $10 million through Insured Cash Sweep for business accounts

Cons of Live Oak Bank

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• No Physical Branches: All banking is conducted online

• No Personal Checking: Only business checking accounts are available

• Limited Weekend Support: Customer service only available on weekdays

• Mobile App Limitations: Some users report issues with mobile check deposits

• CD Minimum: $2,500 minimum deposit required for CDs

• New Account Hold Times: Longer holds on deposits for new accounts (first 30 days)

Who Should Bank with Live Oak?

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Live Oak Bank is ideal for:

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• Savers Seeking High Yields: Anyone looking to maximize interest on savings

• Small Business Owners: Entrepreneurs wanting specialized banking services and high-yield options

• CD Investors: Those looking for competitive rates on certificates of deposit

• Digital Banking Fans: Customers comfortable with online-only banking

• Businesses with Large Cash Reserves: Companies that can benefit from extended FDIC coverage³

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However, if you need in-person banking services, want a personal checking account, or require weekend customer support, you may want to explore additional options.

The Verdict

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Live Oak Bank delivers exceptional value through its high-yield savings products and comprehensive business banking services. While it lacks some traditional banking features like personal checking accounts and physical branches, its industry-leading interest rates savings accounts without hidden fees make it a standout option for both individual savers and small businesses.

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For those primarily focused on growing their savings with no hidden fees and maximum returns, Live Oak Bank deserves serious consideration. Its combination of high rates, no monthly maintenance fees, and robust business offerings creates a compelling banking solution in today's digital financial landscape.

Member FDIC

^{‍1. National savings average rate courtesy of the FDIC’s Weekly National Rates and Rate Caps, as of 2/17/2026; average rate used is for deposits under $2,500.}

^{2. Live Oak Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As a Live Oak Bank customer, your Live Oak Bank deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.}

^{3. Live Oak requires a minimum balance of $350,000 to enroll in our Insured Cash Sweep program. Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). Additionally, all deposits at a destination bank in the same ownership category will be aggregated for the SMDIA. The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. Certain conditions must be satisfied for “pass-through” FDIC deposit insurance coverage to apply. IntraFi Cash Service and the IntraFi hexagon are service marks, and IntraFi, ICS, and CDARS are registered service marks of IntraFi Network LLC.}

^{4. Live Oak Bank Savings Annual Percentage Yield (APY) is valid as of 2/2/2026. No minimum opening balance or deposit required to open. Rates may change at any time without prior notice, before or after the account is opened. No minimum balance to open, but customers must have a balance of $0.01 to earn interest. Fees may reduce earnings.}

^{5. Important Information about this Personal Savings Bonus Offer: Customers must meet all of the following requirements to be eligible for the $200 bonus:}

^{New and Existing Customers:}

• ^{The promotion begins on March 2, 2026.}
• ^{Only one bonus is available per Tax Identification Number (TIN) per promotional period.}
• ^{Only personal savings accounts are eligible for the bonus offer. Checking accounts, certificates of deposit (CD) accounts and fiduciary accounts (e.g., trusts) are not eligible for this offer.}
• ^{Opening of a new account will be subject to approval by Live Oak Banking Company in its sole discretion.}
• ^{A new account must be opened between March 2nd, 2026 and March 31st, 2026 to be eligible.}
• ^{A new Live Oak Bank personal savings account must be fully funded with at least $20,000 by 11:59 p.m. Eastern Time on 3/31/2026 to be eligible. If the account is not fully funded with at least $20,000 by March 31st, then it is not eligible for the bonus offer.}
• ^{All funding of the new personal savings account must consist of funds originating from an external financial institution to qualify; deposits or transfers originating from an existing Live Oak Bank account (whether personal or business) via internal transfer, CD redemption, check, ACH transfer, wire, or loan proceeds do not qualify for the bonus offer.}
• ^{Beginning on the date in March 2026 that the new account attains a balance of at least $20,000, if the balance remains equal to or exceeding $20,000 for 60 consecutive days, then the account will be eligible for the bonus if all other conditions are met. If all eligibility criteria are met, the $200 cash bonus will be deposited to your open, eligible account within 45-days following the expiration of the 60-day period.}
• ^{Your new account must not be closed or restricted at the time of payout in order to receive the bonus. Live Oak Bank reserves the right to withdraw or withhold the bonus offer from any customer, with or without notice, if fraud or other suspicious activity is suspected.}
• ^{Any promotional payout amounts received may be subject to taxation.}

^{Existing Customers:}

• ^{In addition to the other requirements for the bonus offer, existing Live Oak Bank customers must meet of all of the following additional requirements:}
  
  • ^{Maintain the combined end of day balance across all pre-existing Live Oak Bank Personal Savings accounts at or above the balance held as of March 1, 2026 at 11:59:59 p.m. ET.}
  • ^{Deposit a minimum of $20,000 in new to bank funds—funds transferred from an external financial institution—into the new Personal Savings account opened during the promotional period.}
  • ^{Maintain both of the following for 60 consecutive days, beginning on the date the new account most recently equals or exceeds the $20,000 new to bank balance within the promotion window:}
    
    • ^{The required existing balance benchmark (as noted in #1 above), and}
    • ^{Maintain a minimum balance of $20,000 in the new Personal Savings account}

^{6. Live Oak Bank Certificate of Deposit Annual Percentage Yield (APY) is valid as of 2/2/2026 and subject to change. The minimum deposit required to open is $2,500 and the maximum is $250,000 per account. Penalties may apply to early withdrawals. Fees may reduce earnings.}